Get your taxes done using TurboTax
You are reporting IRS form 1099-K and reporting personal sales.
If box 1a is $1,000 and I sold some items at a loss or had no gain was $600, $400 will be reported as Proceeds on IRS form 1099-B.
The $600 is reported at the top of Schedule 1 Additional Income and Adjustments to Income.
Are you referring to the Modified Adjusted Gross Income (MAGI) for retirement plan purposes? There are several MAGI for different purposes. This TurboTax Help may address your question.
If you were to group your personal sales, there would be as many as four categories:
- Personal item for loss reports $0 gain/loss,
- Personal item gain long-term basis,
- Personal item gain short-term basis, and
- Personal item, no gain or loss.
Here are examples.
Selling Cost
Price Basis
T1 $500 $1,000 Capital loss on personal item = $0 gain/loss
T2 $400 $300 LT Capital gain on personal item = $100 gain
T3 $0 $0 ST Capital gain on personal item = $100 gain
T4 $100 $100 No capital gain or loss = $0 gain/loss
$1,000 $1,400
